Sell Your House - Real Estate Investment Advice
Here is a fact for you. It is possible to sell your house and remain legally obligated on the mortgage.
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Real Estate Investment Advice
Ask Kate
It's easy to fall for scams when you are desperate and need to sell your house quick. People who want to take advantage of your misfortune will try to rush you.
Hi, my name is Kate Ford.
I'm a retired mortgage broker. For over 20 years, I helped clients with mortgage financing.
If I heard this question once, I heard it a hundred times...
"Kate, I need to sell my house quick. Is it okay to sign over the title to my house?"
I always responded the same way...
"Do you realize when you sell your house this way, you could be giving away your homeownership and remain legally responsible to the mortgage company for your payments?"
That's because the title to real estate is not the same as a mortgage. If you simply deed over your home's title to someone, it does NOT relieve you of the mortgage responsibility.
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Homeowners - Consider The Difference
The title to your home is an asset, your belonging.
Your mortgage is a contract between you and your lender to pay a debt.
Difference Between Title And Mortgage
It is especially important to understand the difference between your title and mortgage when you need to sell your house.
Kate's Definition: Title to real estate gives homeownership in the property.
Kate's Definition: A mortgage is a debt secured by real estate requiring repayment.
Here is the point: It is possible to sell your house (not own) but remain legally obligated for the full amount of your mortgage (still owe).
Beware Of Offers That Seem Too Good To Be True
Beware of offers to sell your house quick that seem too good to be true. Signing over the title to your house does NOT necessarily relieve you of mortgage payments.
Even if you don't own your home any longer, your mortgage company will still expect house payments! From you!
Great Advice For Desperate Homeowners
How should you respond when you hear an offer to sell your house quick? Good advice never changes. Read carefully and consult trusted advisers before signing any documents or contracts.
Remember this. Someone offering to buy your home without going through a formal process is probably a professional buyer. They most likely have superior knowledge to you.
So seek out professional help. Consult your current lender if you are having difficulty making your payment. Call you real estate agent if you need to sell your house. Speak with an attorney if an offer seems too good to be true. Get the best real estate investment advice.
After all, this is your home and your mortgage!
Valuable Resource For My Home Buyers and Homeowners
SBI - A Fresh And Innovative Way To Create More Income - Kate's personal story of building this website.
You'll also find a wealth of information at Kate's Best Mortgage Rate Blog packed with the latest additions to this website, interest rate updates and a fresh approach to real estate and mortgages.
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